Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question #3 For the transactions below create journal entries (excel or word). Identify each transaction by number. Here is an example of transaction 1,
Question #3 For the transactions below create journal entries (excel or word). Identify each transaction by number. Here is an example of transaction 1, other examples are noted in the textbook. 1. The owner invests $35,000 cash to start a real estate office operating as a sole proprietorship. Cash Investment Debit Credit 35,000 35,000 2. Purchased $400 of office supplies on credit. 3. 4. 5. 6. 7. 8. Purchased office equipment for $6,000, paying $2,500 in cash and the rest to be paid later as a note payable. Earned $4,000 in real estate commissions which was billed to clients. Paid $700 in cash for the current month's rent. Paid $200 cash for office supplies purchased in transaction 2. Received a bill for $500 for advertising for the current month. Paid $2,200 cash for current office salaries. 9. Owner withdrew $1,200 from the business for personal living expenses. 10. Received $3,000 from a client in payment related to transaction 4.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started